RETHINKING TOKEN SUPPLY

Summary from the TLDR Crypto newsletter

Outstanding Supply is a new token supply metric that mirrors Outstanding Shares on the stock market to fix inconsistencies in crypto valuations. It offers a clearer picture of true market cap versus FDV (overstated) or Circulating Supply (inconsistent). The framework also refines Circulating Supply into a smarter version that excludes locked or insider tokens, giving investors apples-to-apples comparability, transparency, and more accurate valuation multiples. Outstanding Supply equals Total Supply minus Protocol Holdings.